Mastercard links up Network International to tackle card payment frauds

By Prince Osuagwu

The desire to tackle payment card fraudsters, has seen global payment technology company, Mastercard, link up with Network International, another leading enabler of digital commerce across the Middle East and Africa to launch Artificial Intelligence fraud-prevention solution.

The solution will check the rising card payment fraud, address declines and chargebacks, to drastically reduce costs for its customers and acquirers.

Payment card fraud losses are projected to hit $49 billion by 2030. A recent Nilson Report, said 68 percent of card fraud losses in 2020 were related to transactions where cards were not physically present.

Also, global management consulting firm, McKinsey, estimates that AI technologies could potentially deliver up to $1 trillion of additional value each year, particularly in the activities relating to tackling frauds.

Interestingly, the details of Mastercard-Network International partnership say Network International will launch Mastercard’s Brighterion Artificial Intelligence (AI) technology across the region, providing transaction fraud screening and merchant monitoring to acquirers and businesses.

The AI, Brighterion learns the warning signs of fraud and alerts acquirers and merchants in real-time to prevent the completion of fraudulent transactions and costly chargebacks.

In 2019, Mastercard made $300 million investment as a cornerstone investor in Network, followed by an additional commitment towards developing innovative payment solutions. As part of this partnership, Mastercard supports Network via Brighterion’s AI technology, which combats the risk of fraud, reducing the operational overhead on acquirers and merchants while improving the experience for customers.

Division President, Middle East and North Africa, Mastercard, Khalid Elgibali, said: “At Mastercard, we provide capabilities and services beyond card payments, using the latest cutting-edge technology to stay ahead of fraudsters as we secure the full payments ecosystem. Brighterion Artificial Intelligence capabilities are helping to reduce fraud and merchant risk, leading to safer transactions and a better consumer experience.”

Meanwhile, Group Chief Executive Officer, Network International, Nandan Mer, said: “We are delighted to strengthen our partnership with Mastercard and expect to launch this revolutionary new AI technology across the region early this year. Adding Brighterion to our range of solutions allows us to enhance our ability to provide financial institutions, merchants and their customers with safe, secure and seamless processing.”

By Prince Osuagwu

The desire to tackle payment card fraudsters, has seen global payment technology company, Mastercard, link up with Network International, another leading enabler of digital commerce across the Middle East and Africa to launch Artificial Intelligence fraud-prevention solution.

The solution will check the rising card payment fraud, address declines and chargebacks, to drastically reduce costs for its customers and acquirers.

Payment card fraud losses are projected to hit $49 billion by 2030. A recent Nilson Report, said 68 percent of card fraud losses in 2020 were related to transactions where cards were not physically present.

Also, global management consulting firm, McKinsey, estimates that AI technologies could potentially deliver up to $1 trillion of additional value each year, particularly in the activities relating to tackling frauds.

Interestingly, the details of Mastercard-Network International partnership say Network International will launch Mastercard’s Brighterion Artificial Intelligence (AI) technology across the region, providing transaction fraud screening and merchant monitoring to acquirers and businesses.

The AI, Brighterion learns the warning signs of fraud and alerts acquirers and merchants in real-time to prevent the completion of fraudulent transactions and costly chargebacks.

In 2019, Mastercard made $300 million investment as a cornerstone investor in Network, followed by an additional commitment towards developing innovative payment solutions. As part of this partnership, Mastercard supports Network via Brighterion’s AI technology, which combats the risk of fraud, reducing the operational overhead on acquirers and merchants while improving the experience for customers.

Division President, Middle East and North Africa, Mastercard, Khalid Elgibali, said: “At Mastercard, we provide capabilities and services beyond card payments, using the latest cutting-edge technology to stay ahead of fraudsters as we secure the full payments ecosystem. Brighterion Artificial Intelligence capabilities are helping to reduce fraud and merchant risk, leading to safer transactions and a better consumer experience.”

Meanwhile, Group Chief Executive Officer, Network International, Nandan Mer, said: “We are delighted to strengthen our partnership with Mastercard and expect to launch this revolutionary new AI technology across the region early this year. Adding Brighterion to our range of solutions allows us to enhance our ability to provide financial institutions, merchants and their customers with safe, secure and seamless processing.”